World Economy

Confidence High in Turkish Economy

Confidence High in Turkish EconomyConfidence High in Turkish Economy

More people in Turkey are feeling positive about the future of the economy ahead of the election on Sunday, according to official figures published on Tuesday.

The Economic Confidence index rose by 13% in October, the Turkish Statistical Institute reported, NewsNow reported.

Consumers have enjoyed a bout of robust pre-election spending, credit agency Standard & Poor’s wrote in a note published on October 8th.

Standard & Poor’s economists have revised their GDP growth forecast for Turkey upward to 3.1% from 3% for 2015.

TurkStat’s gauge of economic confidence improved to a reading of  81.48 in October from 72.13 in September.

The sub-index tracking consumer confidence rose 7.3% in October to 62.78.

The sub-index for the real sector improved by 3.7% to 103.20, for retail trade confidence increased by 2.7% to 98.68  and for services rose to 97.63.

And the Construction Confidence Index decreased by 0.5% compare to September dropped to 80.02.

Driven largely by domestic consumption, Turkey’s economy grew at the rate of 3.8% in the second quarter of 2015, according to a statement released by TurkStat on Sept. 10.

The Turkish economy’s high growth rate is largely due to strong domestic demand and private sector investment, the statement said.

Turkey is holding a snap election on Sunday after coalition talks failed following an inconclusive poll in June.